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Hello all, I am currently working at EY India as a SCon in the risk advisory service line post my MBA. I have 2 offers in hand please suggest.
YOE - 2 years 9 months
PwC SDC - Senior Associate 1 - 17 LPA fixed plus 2.5L joining bonus woth 18 months lock in. Permanent wfh.
Deloitte India - Deputy Manager - 17LPA foxed no joining bonus. Chennai location.
Any suggestion would help. My joining dates are approaching faster.
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Factor in benefits (401k match, health insurance, etc.) and the fact you not only pay higher taxes but pay double FICA you really aren’t that better off. Do they Guarantee 40 hours a week? Lots to dissect here
$3000 for your own insurance sounds low, as others mentioned, make sure to consider tax implications which are very significant for contractors. Also, consider you’ll have to pay brokerage fees for that 401k that was previously being covered by the firm (I’m assuming, I don’t work for Deloitte) probably $25-$50/month. Same would apply to HSA if you have one.
Net(net) if they’re approaching you with this, they want you and you’re in the drivers seat. I’d try to negotiate the rate and get it into the 80’s. Also, may want to consider what they’d offer as a full time salary and potentially even get some of those expectations written into the offer.
Mentor
I'd do it that is so worth it.
Contracts are awesome as well, I left to contact and the increased flexibility is so much better
Wow! That’s great. Thanks for sharing. This is really helpful.
I think you’re being pretty underpaid for 2 years of work experience
Omg get that raise!!!! This is way too low
Honestly I was having the same dilemma a couple weeks back while I was going through the interview process for a role I was interested in. The decision I landed on was that I didn’t see the Consulting Partner track as my long term career aspirations whereas the Sr Program Mgr role was something of particular interest to me along with the company being somewhere I thought I could excel and continue to grow. Did the contract status worry me (and my wife especially) - most definitely yes it did but at the end of the day I saw it as me taking my shot and if it didn’t work out then just additional experience for me to take to the next stage in my career.
I've been back and forth from industry, consulting, and contractor work for the last decade. Every time my pay stops increasing I make a move. If I chose consistency 10 years ago, I'd probably still be making 55k at some industry desk job like my friends are now.
Consulting will always be there OP
Remember as a 1099 you have to pay both sides of the payroll taxes. This means what you typically pay in FICA and what D pays and now at a higher salary. Do you need healthcare? If so, you pay the full cost of that too. There is more tax paper work too as you have to pay quarterly estimates.
Thanks! Really appreciate your positive response.
Cont.. My initial thought is to reject the contract role but the pay-scale is attractive (65k-141k jump is sweet) but is it worth it? In terms of job security?
I agree with KPMG1. I’d say go for it. You’re betting on yourself. If you can, just find out what the role would convert to, as they could help sway the decision
How would you get around the non-compete clause in our contracts? It’d be easy for leadership to find this out after losing a project and a resource
Tier 1 bank - Deloitte isn’t going to make a fuss or burn any bridges over 1 head count.
They likely cannot hire you as FTE due to contract specs with Deloitte.
As a contractor, you will report into you own corporation, which reports into a staffing agency, which holds the contract with T1 bank.
Degrees of separation enable legal protection for both parties while you go contract to FTE.
Be your own boss. You have nothing lose.
I started on a 6 month tax season contract after undergrad. Got converted full time in May.
Nothing is guaranteed at all, but I'd venture a strong guess that you could make 65k with 2 years of experience at many places if things don't work out.
What's keeping you in consulting? What's attractive about being in-industry?
How desperate is the client to fill their position? Waiting a month to find out about a promotion seems like it could pay off in your next position
I think it’s really very strict if you are an auditor but i have seen multiple people from my team who ended up joining our client without any issue.
Why the contract? Why can't they just hire you full time from the start?